Shoe Pavilion, Inc. net sales increased 18.9% to $29.5 million for the fourth quarter, compared to net sales of $24.8 million for the same quarter last year. Comparable store net sales for the quarter increased 5.5%.
Net sales for the 52-week fiscal year ended December 31, 2005 increased 19.5% to $102.5 million compared to net sales of $85.8 million for the 52-week fiscal year ended January 1, 2005. Comparable store net sales for the 52-week period ended December 31, 2005 increased 6.9%.
Dmitry Beinus, Chairman and CEO of the Company, stated, “I am extremely pleased with the comp store sales increases of 5.5% for the fourth quarter in light of the fact that last year's fourth quarter comp store sales were up 14.7%. It is also a milestone event for the Shoe Pavilion achieving revenues of over $100.0 million for the first time in the Company's history.”
Shoe Pavilion is an independent off-price footwear retailer on the West Coast. It offers a broad selection of women's, men's and children's designer label and name brand footwear such as Converse, Reebok, Skechers and Nine West, typically at 20% to 60% below department store regular prices for the same shoes. The Company has 90 stores in California, Washington, Oregon, Nevada and Arizona.